Want to Know Where Your Tax Money Goes?
November 5, 2014
Each time you purchase your favorite coffee and pastry at the corner shop, you get a receipt that tells you exactly how that money was spent and the taxes paid. Since April, taxpayers can do the same with their federal income taxes, social security taxes, and Medicare taxes for 2013. The White House has a tool that allows users to input their exact tax burden and see just how the government spent that money. If you don’t know your exact tax bill, the tool offers estimates based on status, children, and wages.
The biggest consumer of tax revenue is health care, which equals 25.2 percent of total taxes, followed closely by national defense at 24.8 percent.